Alleged Hacker Arraigned for N1.19 Billion Fraud Against Moniepoint Microfinance Bank


A 43-year-old alleged hacker, Sunday Ozimede, has been arraigned before the Federal High Court, Ikoyi, Lagos for allegedly defrauding Moniepoint Microfinance Bank of a staggering N1,190,728,076. 

The defendant is answering questions to charges of conspiracy, cybercrime, and money laundering in connection with the alleged fraud. 

In its claims, the Police Special Fraud Unit (PSFU) insisted that Ozimede conspired with others, who are currently at large, to execute the cyber heist in May 2024. 

According to the PSFU prosecutor, Justine Enang, Ozimede planted a bug in the bank's data system, causing a financial loss of N145 million. 

He is further accused of diverting N945,728,076 from various Moniepoint customer accounts to other banks via numerous unauthorized transactions. 

During Ozimede’s arraignment, the prosecutor stated that the defendant's actions violated several provisions of the law, including: 

Section 27(i)(b) and Section 14 of the Cyber Crimes (Prohibition, Prevention, etc.) Act, 2015, as amended in 2024, and Section 18(2)(b) & (d), punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022. 

The court heard that Ozimede knowingly caused financial harm to Moniepoint by exploiting its operational account and fraudulently transferring funds to accounts under his control. 

The alleged crimes also involved converting these funds for personal gain, in violation of anti-money laundering laws. 

But Ozimede pleaded not guilty to all charges. Following his plea, the prosecutor requested that the court remand the defendant in custody until the trial's conclusion. 

Enang also urged the court to fix a trial date promptly. 

However, Ozimede’s counsel, Abdulmalik Ibrahim, filed a motion requesting bail on liberal terms. 

In his argument, Ibrahim emphasized his client’s willingness to cooperate with the judicial process and refuted claims that Ozimede posed a flight risk. 

The prosecutor opposed the bail application, citing concerns that the defendant might abscond if released. 

After considering arguments from both sides, Justice Ambrose Lewis-Allagoa granted bail to Ozimede in the sum of N50 million with a surety in like sum.

According to the judge, the surety must own landed property within the court's jurisdiction. 

The court also mandated that the bail terms be verified by the court's Registrar and the prosecutor. 

Justice Lewis-Allagoa adjourned the matter to March 13, 2025, for further proceedings. 

The court also reviewed the amended charges filed against the defendant. 

One charge reads: "That you, Sunday Ozimede, and others now at large, sometime in May 2024, in Lagos State, within the jurisdiction of the Federal High Court, conspired to commit a felony by obtaining the sum of N945,728,076 by false pretence, an offence contrary to Section 27(i)(b) of the Cyber Crimes (Prohibition, Prevention, etc.) Act, 2015, as amended in 2024.”

Another charge accuses Ozimede of “knowingly and without authority planting a bug in Moniepoint Microfinance Bank's data system, causing a financial loss of N145,000,001, and transferring funds from the bank's operational account to personal accounts.” 

The charges further allege that Ozimede violated anti-money laundering laws by converting or transferring funds from Moniepoint to his accounts, despite knowing or reasonably suspecting the funds to be proceeds of unlawful activity. 

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